Industry and Company Overview * **Industry**: Semiconductor industry, specifically focusing on advanced packaging and semiconductor manufacturing. * **Company**: ChangHong Technology, a leading semiconductor manufacturer specializing in advanced packaging and semiconductor manufacturing. Key Points and Arguments 1. **Market Recovery and Growth**: The global semiconductor market is experiencing a recovery after facing challenges, with growth in various sectors, particularly driven by AI. [doc id='1'] 2. **Revenue Growth**: ChangHong Technology achieved a revenue growth of 50% in the third quarter, with a total revenue of 9.5 billion RMB for the first three quarters, reaching a historical high. [doc id='2'] 3. **Profitability**: Net profit increased by 20% in the third quarter, with a total net profit of 10.8 billion RMB for the first three quarters. [doc id='7] 4. **Advanced Packaging**: ChangHong Technology is actively investing in advanced packaging technology, with its main factory and Shengdie advanced packaging factory entering production stages. [doc id='3'] 5. **Automotive Electronics**: The company's automotive electronics business is performing well, with a revenue growth of 50% in the third quarter. [doc id='5] 6. **Market Outlook**: The company is optimistic about the market outlook for 2025, driven by AI demand and growth in industrial and automotive electronics. [doc id='5] Other Important Points * **Product Mix**: The company's product mix includes communication electronics, consumer electronics, computing, automotive electronics, and industrial electronics. [doc id='17'] * **Investment in R&D**: ChangHong Technology allocated 1.23 billion RMB for R&D in the first three quarters, a 13.9% increase from the previous year. [doc id='7] * **Financial Position**: The company has a strong financial position with ample cash reserves and a healthy balance sheet. [doc id='8] * **Free Cash Flow**: The company generated positive free cash flow of 850 million RMB in the first three quarters, a 16.5% increase from the previous year. [doc id='10] Analyst and Investor Questions * **Growth in Communication Electronics**: The growth in communication electronics is attributed to increased market share in innovative products and the expansion of the smartphone market. [doc id='15'] * **Automotive Electronics**: The growth in automotive electronics is driven by the transition to 48V power systems and the increasing demand for chips in new energy vehicles. [doc id='15'] * **Advanced Packaging**: ChangHong Technology's advantage in advanced packaging lies in its scale, capacity, and customer diversity. [doc id='20] * **Storage**: The company is actively expanding its storage capacity and expects to meet the growing demand from customers. [doc id='22] * **Semiconductor Cycle**: The company is optimistic about the semiconductor cycle in both domestic and overseas markets, with a focus on AI and industrial electronics. [doc id='24] * **Capacity Utilization**: The company's capacity utilization is gradually increasing, with advanced packaging and high-end testing reaching full capacity. [doc id='25] * **Capital Expenditure**: The company plans to continue increasing its capital expenditure to expand its advanced packaging technology and capacity. [doc id='26] * **M&A**: The company is actively exploring opportunities for M&A to expand its business and enhance its competitive advantage. [doc id='26] * **Stakeholder Returns**: The company aims to increase shareholder returns through dividends and cash distributions. [doc id='27]

证券代码：600584 证券简称：长电科技 公告编号：临 2024-070 江苏长电科技股份有限公司 关于收到国务院国资委批复暨公司控制权拟发生 变更的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、本次权益变动基本情况 江苏长电科技股份有限公司（以下简称"公司"或"长电科技"）股东国家集成 电路产业投资基金股份有限公司（以下简称"大基金"）、芯电半导体（上海）有限 公司（以下简称"芯电半导体"，与大基金合称"转让方"）分别于 2024 年 3 月 26 日与磐石香港有限公司（以下简称"磐石香港"）签订了《股份转让协议》，大基金 将其持有的 174,288,926 股公司股份（占公司总股本的 9.74%）转让给磐石香港 或其关联方；芯电半导体将其持有的 228,833,996 股公司股份（占公司总股本的 12.79%，与大基金拟转让的公司 9.74%的股份合称"标的股份"）转让给磐石香港 或其关联方（以下简称"本次交易"）。具体内容详见公司于 2024 年 3 月 27 日在 上海证券交易所网站（www.sse. ...

长电科技（600584.SH） 半导体 证券研究报告/公司点评报告 2024 年 10 月 29 日 执业证书编号：S0740521120002 Email：wangfang02@zts.com.cn 分析师：杨旭 执业证书编号：S0740521120001 Email：yangxu01@zts.com.cn 分析师：游凡 执业证书编号：S0740522120002 Email：youfan@zts.com.cn 报告摘要 24Q3 营收创历史新高 【24Q1-Q3】公司实现营收 249.78 亿元，同比+22.26%；归母净利 10.76 亿元，同比 10.55%；扣非归母净利 10.21 亿元，同比+36.73%；毛利率 12.93%，同比-0.94pcts；净 利率 4.31%，同比-0.46pcts。 【24Q3】公司实现营收 94.91 亿元，同比+14.95%，环比+9.8%；归母净利 4.57 亿元， 同比-4.39%，环比-5.57%；扣非归母净利 4.4 亿元，同比+19.5%，环比-7.21%；毛利率 12.23%，同比-2.13pcts，环比-2.05pcts；净利率 4.82%，同比- ...

H鼎证券 公 司 研 究 电子/半导体 Q3 营收单季度历史新高，并表晟碟助力先进封装 长电科技（600584.SH） 2024 年 10 月 28 日 ——公司信息更新报告 投资评级：买入（维持） | --- | --- | |-------------------------|-------------| | 日期 | 2024/10/25 | | 当前股价 ( 元 ) | 39.09 | | 一年最高最低 ( 元 ) | 42.00/19.95 | | 总市值 ( 亿元 ) | 699.48 | | 流通市值 ( 亿元 ) | 699.48 | | 总股本 ( 亿股 ) | 17.89 | | 流通股本 ( 亿股 ) | 17.89 | | 近 3 个月换手率 (%) | 141.74 | 股价走势图 -48% -32% -16% 0% 16% 32% 48% 2023-10 2024-02 2024-06 长电科技 沪深300 数据来源：聚源 相关研究报告 《Q3 营收同环比增长，完成收购晟碟 助力先进封装—公司信息更新报告》 -2024.10.10 《2024Q2 业绩同环比高增，多领域布 局助力长 ...

华 发 集 团 旗 下 企 业 | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------|-----------------|---------------------------------------------|-------------------------|----------------| | 2024 年 10 月 28 日 \n长电科技（ 600584.SH ） | | | 公司研究●证券研究报告 | 公司快报 | | | | | 电子 \| | 集成电路Ⅲ | | 24Q3 营收创单季新高，前期布局开始贡献增量 | 投资评级 | | 买入 -A( | 维持) | | 投资要点 | 股价 | (2024-10-25) | | 39.09 元 | | 24Q3 营收创单季历史新高，前三季度各应用板块业务均实现复苏企稳。 2024Q3 | 交易数据 | | | | | 长电科技实现营收 94.9 亿元，同比增长 ...

长电科技（ [Table_StockNameRptType] 600584） 公司点评 | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains an "Outperform" rating for Changdian Technology (600584.SH) [1][3] Core Views - In Q3 2024, the company achieved a record quarterly revenue of 94.91 billion yuan, a year-on-year increase of 14.95% and a quarter-on-quarter increase of 9.80%, driven by increased customer demand and improved capacity utilization [1] - The acquisition of 80% of Shengdie Semiconductor enhances the company's competitiveness in the storage chip sector and strengthens its partnership with Western Digital [1] - The company has adjusted its net profit forecasts for 2024-2026 due to weak recovery in downstream demand, projecting net profits of 17.16 billion yuan, 25.96 billion yuan, and 31.33 billion yuan for the respective years [1] Financial Performance Summary - For the first three quarters of 2024, the company reported revenues of 249.78 billion yuan, a year-on-year increase of 22.26%, and a net profit of 10.76 billion yuan, up 10.55% year-on-year [1] - The gross margin for the first three quarters of 2024 was 12.93%, down 0.9 percentage points from the previous year, with Q3 2024 gross margin at 12.23%, a decline of 2.1 percentage points year-on-year [1] - Research and development expenses increased by 13.85% year-on-year to 12.32 billion yuan, with the R&D expense ratio decreasing to 4.93% [1][2] Revenue and Profit Forecasts - The company forecasts revenues of 35.05 billion yuan, 42.38 billion yuan, and 45.98 billion yuan for 2024E, 2025E, and 2026E respectively, reflecting growth rates of 18.2%, 20.9%, and 8.5% [2] - The projected net profits for the same years are 1.716 billion yuan, 2.596 billion yuan, and 3.133 billion yuan, with growth rates of 16.7%, 51.3%, and 20.7% respectively [2] Key Financial Metrics - The company’s PE ratios for 2024, 2025, and 2026 are projected to be 40.8x, 26.9x, and 22.3x respectively [2] - The return on equity (ROE) is expected to improve from 6.2% in 2024E to 9.6% in 2026E [2]

上 市 公 司 证 券 研 究 报 告 电子 公 司 研 究/ 公 司 点 评 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 10 月 25 日 | | 收盘价（元） | 39.09 | | 一年内最高/最低（元） | 42.00/19.95 | | 市净率 | 2.6 | | 息率（分红/股价） | 0.26 | | 流通 A 股市值（百万元） | 69,948 | | 上证指数/深证成指 | 3,299.70/10,619.85 | | --- | --- | |------------------------------|-------------------------------| | | | | | | | 基础数据 : | 2024 年 09 月 30 日 | | 每股净资产（元） | 14.99 | | 资产负债率 % | 46.89 | | 总股本/流通 A 股（百万） | 1,789/1,789 | | 流通 B 股/H 股（百万） | -/- | ...

Financial Performance - Revenue for the third quarter reached RMB 9.49 billion, a year-on-year increase of 14.95%[2] - Net profit attributable to shareholders of the listed company was RMB 457.08 million, a year-on-year decrease of 4.39%[2] - Non-recurring net profit attributable to shareholders of the listed company increased by 36.73% year-on-year, driven by improved capacity utilization and increased customer business[5] - Basic earnings per share for the third quarter were RMB 0.25, a year-on-year decrease of 3.85%[3] - Weighted average return on equity (ROE) for the first three quarters was 4.07%, an increase of 0.21 percentage points year-on-year[3] - Total operating revenue for the first three quarters of 2024 reached 24.98 billion RMB, a 22.3% increase compared to 20.43 billion RMB in the same period of 2023[18] - Operating profit for the first three quarters of 2024 was 1.17 billion RMB, up 6.9% from 1.10 billion RMB in the same period of 2023[20] - Net profit attributable to the parent company's shareholders in the first three quarters of 2024 was 1.08 billion RMB, a 10.5% increase compared to 973.66 million RMB in the same period of 2023[21] - Basic earnings per share for the first three quarters of 2024 were 0.60 RMB, an 11.1% increase compared to 0.54 RMB in the same period of 2023[21] - Operating costs for the first three quarters of 2024 were 23.86 billion RMB, a 22.2% increase compared to 19.53 billion RMB in the same period of 2023[20] - Interest income for the first three quarters of 2024 was 210.01 million RMB, a 198.7% increase compared to 70.31 million RMB in the same period of 2023[20] Cash Flow - Operating cash flow for the first three quarters reached RMB 3.93 billion, a year-on-year increase of 29.70%[2] - Sales of goods and services received cash of RMB 25.6 billion, a 23.5% increase compared to RMB 20.74 billion in the same period last year[22] - Net cash flow from operating activities increased to RMB 3.93 billion, up 29.7% from RMB 3.03 billion in the previous year[22] - Cash received from tax refunds rose to RMB 336.81 million, a 26% increase from RMB 267.39 million in 2023[22] - Cash paid for goods and services increased to RMB 17.99 billion, up 25.9% from RMB 14.29 billion in the same period last year[22] - Cash received from investment returns decreased to RMB 29.67 million, a 56% drop from RMB 67.48 million in 2023[22] - Cash used for investment activities increased to RMB 16.96 billion, up 24.7% from RMB 13.59 billion in the previous year[23] - Net cash flow from financing activities surged to RMB 2.31 billion, a 245% increase from RMB 670.72 million in 2023[23] - Cash and cash equivalents at the end of the period reached RMB 9.26 billion, a 98.1% increase from RMB 4.67 billion in the previous year[23] - Cash paid for employee compensation increased to RMB 3.45 billion, up 16% from RMB 2.97 billion in 2023[22] - Cash received from investments rose to RMB 12.65 billion, a 6.5% increase from RMB 11.88 billion in the same period last year[22] Assets and Liabilities - Total assets as of the end of the reporting period were RMB 53.62 billion, a year-on-year increase of 25.93%[3] - The company's total assets increased to RMB 53,619,263,430.36 as of September 30, 2024, up from RMB 42,579,471,835.65 at the end of 2023[15][16] - The company's monetary funds increased to RMB 9,256,847,158.64 as of September 30, 2024, up from RMB 7,324,897,851.86 at the end of 2023[15] - Accounts receivable increased to RMB 5,915,986,764.21 as of September 30, 2024, up from RMB 4,184,804,015.74 at the end of 2023[15] - Inventory increased to RMB 4,739,758,469.67 as of September 30, 2024, up from RMB 3,195,516,876.32 at the end of 2023[15] - Fixed assets increased to RMB 21,430,745,097.48 as of September 30, 2024, up from RMB 18,744,196,607.40 at the end of 2023[15] - Construction in progress increased to RMB 2,728,356,199.91 as of September 30, 2024, up from RMB 1,053,272,069.42 at the end of 2023[15] - Total current liabilities increased to RMB 15,611,438,857.37 as of September 30, 2024, up from RMB 9,682,164,726.64 at the end of 2023[16] - Total liabilities as of the end of Q3 2024 were 25.14 billion RMB, a 53.0% increase compared to 16.43 billion RMB at the end of Q3 2023[17] - Total equity attributable to the parent company's shareholders as of the end of Q3 2024 was 26.82 billion RMB, a 2.9% increase from 26.07 billion RMB at the end of Q3 2023[17] - Total assets as of the end of Q3 2024 were 53.62 billion RMB, a 25.9% increase compared to 42.58 billion RMB at the end of Q3 2023[17] Shareholder Information - The top shareholder, National Integrated Circuit Industry Investment Fund Co., Ltd., holds 13.24% of the company's shares[6] - National Integrated Circuit Industry Investment Fund Co., Ltd. holds 236,897,906 unrestricted shares, accounting for a significant portion of the company's equity[9] - Core Semiconductor (Shanghai) Co., Ltd. holds 228,833,996 unrestricted shares, making it the second-largest shareholder[9] - Hong Kong Securities Clearing Company Ltd. holds 107,390,000 unrestricted shares[9] - China Construction Bank - Huaxia Semiconductor Chip ETF holds 31,783,151 shares, representing 1.78% of the total shares[10] - Industrial and Commercial Bank of China - Huatai-PineBridge CSI 300 ETF holds 27,900,881 shares, representing 1.56% of the total shares[10] - Guotai Junan Securities - Guolian Annuity CSI Semiconductor ETF holds 22,040,696 shares, representing 1.23% of the total shares[10] - China Construction Bank - E Fund CSI 300 ETF holds 18,287,932 shares, representing 1.02% of the total shares[10] - The company has no controlling shareholder, with the top two shareholders not having any concerted action relationship[9] - The company's controlling shareholder will change to Pan Shi Hong Kong Limited, which will hold 403,122,922 shares, accounting for 22.53% of the total shares[13] - The National Integrated Circuit Industry Investment Fund transferred 174,288,926 shares (9.74% of total shares) at RMB 29.00 per share[13] - Core Semiconductor transferred 228,833,996 shares (12.79% of total shares) at RMB 29.00 per share[13] Acquisitions and Investments - The company completed the acquisition of 80% equity of Sandisk Semiconductor (Shanghai) Co., Ltd. on September 28, 2024, and included it in the consolidated scope[3] - The company completed the acquisition of 80% equity in Sandisk Semiconductor (Shanghai) Co., Ltd. for approximately $667.79 million after adjustments[11][12] - The first installment of the acquisition payment for Sandisk Semiconductor (Shanghai) Co., Ltd. was $262.19 million[11][12] Government Subsidies - The company received government subsidies totaling RMB 43.31 million during the reporting period, classified as recurring income under new regulations[5] R&D Expenses - R&D expenses for the first three quarters of 2024 amounted to 1.23 billion RMB, a 13.9% increase from 1.08 billion RMB in the same period of 2023[20]

证券代码：600584 证券简称：长电科技 公告编号：临 2024-069 江苏长电科技股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2024 年 10 月 31 日（星期四）下午 15:00-16:30 会议召开地点：上证路演中心（网址：https://roadshow.sseinfo.com/）、 进门财经（网址：https://s.comein.cn/AK3wc） 会议召开方式：进门财经电话会议、上证路演中心网络文字互动 投资者可于 2024 年 10 月 29 日（星期二）16:00 前登录上证路演中心网 站首页点击"提问预征集"栏目或将需要了解的情况和关注的问题发送至公司 邮箱 IR@jcetglobal.com 进行提问。公司将在说明会上对投资者普遍关注的问题 进行回答。 江苏长电科技股份有限公司（以下简称"公司"）于 2024 年 10 月 26 日在《上 海证券报》、《证券时报》及上海证券交易所网站（www.sse.c ...